Thursday, April 22, 2010

Pistons Rick Mahorn files for bankruptcy

Even the extremely well paid NBA stars are not immune to our struggling economy, paying overdue bills, and IRS debt. Rick Mahorn, former Detroit Pistons “Bad Boy and member of the 1989 championship team had earned $6.8 million during an 18-year career but public records, according to the article I read, are showing that since 2006, the IRS has filed liens against him for almost $214,000 in delinquent taxes. Rick Mahorn’s lawyer said the tax debt has been repaid. The IRS actually seized an estimated $35,000 from his paychecks last year to satisfy the tax debt. Mahorn has since had to file bankruptcy due to failed investments and has lost his $500,000 home. Read the full article here.